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Home My WebLink AboutOrdinance - 9841-1995 - Allowing Governing Of Texas Municipal Retirement System - 09/14/1995l: First ading Septemb r 14, 1995 Item #42 Second Reading September 28, 1995 Item 1127 ORDINANCE NO. 9841 AN RDINANCE AUTHORIZING AND ALLOWING, UNDER THE ACT GOVERNIN THE TEXAS MUNICIPAL RETIREMENT SYSTEM, "UPDATED SERVICE C DITS" IN SAID SYSTEM ON AN ANNUAL BASIS FOR SERVICE PERFO BY QUALIFYING MEMBERS OF SUCH SYSTEM WHO AT THE EFFECT! DATE OF THE ALLOWANCE ARE IN THE EMPLOYMENT OF THE CITY OF L BOCK; PROVIDING FOR INCREASED PRIOR AND CURRENT SERVICE TIES FOR RETIREES AND BENEFICIARIES OF DECEASED RETIREES F THE CITY; AND ESTABLISHING AN EFFECTIVE DATE FOR THE ORDINANC D BY THE CITY COUNCIL OF THE CITY OF LUBBOCK: Authorizati n of Undated Service Credits. (a) On the terms and conditions set out in Sections 853.401 through 853.404 of Subtitle G o Title 8, Government Code, as amended (hereinafter referred to as the ''TMRS Act"), each ember of the Texas Municipal Retirement System (hereinafter referred to as the "System") w o has current service credit or prior service credit in the System in force and effect on the st day of January of the calendar year preceding such allowance, by reason of service in th employment of the City, and on such date had at least 36 months of credited service with e System, shall be and is hereby allowed "Updated Service Credit" (as that term is defm din subsection (d) of Section 853.402 ofthe TMRS Act). On the terms and conditions set out in Section 853.601 of the TMRS Act, any e System who is eligible for Updated Service Credits on the basis of service , who has unforfeited credit for prior service and/or current service with another participating unicipality or municipalities by reason of previous service, and was a contributing ember on the 1st day of January of the calendar year preceding such allowance, s 11 be credited with Updated Service Credits pursuant to, calculated in accordance "th, and subject to adjustment as set forth in said Section 853.601, both as to the initial grant ereunder and all future grants under the ordinance. (c) The Updated Service Credit hereby allowed and provided for shall be 100% of the "base Up ated Service Credit" of the member (calculated as provided in subsection (c) of Section 853. 02 of the TMRS Act). (d) Each Updated Service Credit allowed hereunder shall replace any Updated Service Cred t, prior service credit, special prior service credit, or antecedent service credit previously a thorized for part of the same service. (e) In accordance with the provisions of subsection (d) of Section 853.401 of the TMRS Act, e deposits required to be made to the System by employees of the several participating epartments on account of current service shall be calculated from and after the effective date of this ordinance on the full amount of such person's compensation as an employee of the City. I Increase in Retirement Annuities. i I (a) I On terms and conditions set out in Section 854.203 of the TMRS Act, the City hereby elects1 to allow and to provide for payment of the increases below stated in monthly benefits payable to the System to retired employees and to beneficiaries of deceased employees of the City under current service annuities and prior service annuities arising from service by subh employees to the City. An annuity increased under this Section replaces any annuity or in~reased annuity previously granted to the same person. (b) ! The amount of the annuity increase under this Section is computed as the sum of the prior s~rvice and current service annuities on the effective date of retirement ofthe person on whose service the annuities are base, multiplied by 30% of the percentage change in Consumer :Price Index for All Urban Consumers, from December of the year immediately preceding th~ effective date of the person's retirement to the December that is 13 months before the effective date of this Section. i (c) I An increase in an annuity that was reduced because of an option selection is reducible in the same proportion and in the same manner that the original annuity was reduced. I I I (d) I If a computation hereunder does not result in an increase in the amount of an annuity, the Jmount of the annuity will not be changed hereunder. i i (e) 1 The amount by which an increase under this Section exceeds all previously granted incref!Ses to an annuitant is an obligation of the City and of its account in the municipality ~ccumulation fund of the System. Dates of All~wances and Increases. The initial allowance of Updated Service Credit and increase in retirement annuities hereunder shall be effective on January 1, 1996, subject to approval by the Board of Trustees of the System. An allowance of Updated Service Credits and an increase in retirement annuities shall be made hereunder on January 1 of each subsequent y~ar until this ordinance ceases to be in effect under subsection (e) of Section 853.404 of the TMRS Act, provided that, as to such subsequent year, the actuary for the System has made the determination set forth in subsection (d) of Section 853.404 of the TMRSAct. ! i ! Effective Date. Subject to approval by the Board of Trustees of the System, this ordinance s~ll be and become effective on the 1st day of January 1996. I I I -2- AND IT IS SO ORDERED. Passed by the City Council on first reading this 14th day of September I I ATIEST: ! I ~ I ' R ~ecrewy APPROVED' AS TO CONTENT: :~ ~"fs. Director of Human Resources i APPROVED~ AS TO FORM: i DGV:dp/ccdocsltrnrs 1.ord August 31, 1995 i -3- ' 1995. • Public·in and for Lubbock County, Texas on this day personally appearecL:~~L.t......lJi..Y.lJllf+~Ol::qmLU~:_ _______ of the Southwestern Newspa- pers Corporation, publishers of the Lubbock Avalanche-Journal -Morning, and Sunday, who being by me duly sworn did depose and say that 'd new a as ~n published continuously for more than fifty-two weeks pri- or to the first insertion of this -""""""i~"'4--~f-F--sr.~~------------------- LUBBOCK AVALANCHE-JOURNAL Morris Communication !corporation ' """"""'~--1-;;;_...:;.----at Lubbock County, Texas and the attached print- cop t e original and was printed in the Lubbock .. NOTARY PUBLIC in and for the State of Texas My Commission Expires .................. __ _ Subscribed and sworn to1 before m; thio..s __ 3_'---...Jday or.__.Oo::...::Job,;;....:..;:::;..··~_,-e_"""(..__ ____ ~l9 9$"' FORMSS-10 ~~~~~~ PATTI TATE ~ Notary Public, State ot Texas § My CommtS~·~n Exp1res G-30·96 ~ tDI~f.ii.ci~OOC:IoOI>QiC~'~t..:oCI